Mar 1, 2010

Horizon gets PNG, Maari boost

THE sale of a 50 percent stake in PRL 4 in Papua New Guinea and the production start-up from the OMV-operated Maari oil field in New Zealand has had a huge impact on Horizon Oil's balance sheet.

According to PNG Industry news, Horizon posted a net profit of $US56.6 million (K155 million) for the half-year ended December 31, 2009, due to a $US54.1 million (K148 million) gain on the sale of the stake in Petroleum Retention License (PRL) 4 to Talisman Energy.

This compares with the net profit of $US1.9 million (K5.2 million) made in the half-year ending June 30, 2009.

Revenues were also up 200 percent to $US24.4 million (K67 million) over the same period as production climbed from 164,444 barrels of oil to 403,302bbl.

Horizon said planning for drilling of the Stanley-2 and Elevala-2 wells in PRL 4 and 5 respectively was progressing well, with Stanley-2 scheduled to spud in the third quarter of 2010.

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